AMZD vs. QDTE

Last updated Jun 4, 2026

AMZD (Direxion Daily AMZN Bear 1X Shares) and QDTE (Roundhill Innovation-100 0DTE Covered Call Strategy ETF) are both exchange-traded funds - AMZD is a Inverse Equities fund tracking the Amazon.com, Inc. (-100%), while QDTE is a Derivative Income fund actively managed by Roundhill. AMZD is passively managed, while QDTE is actively managed. Over the past year, AMZD returned -19.87% vs 40.36% for QDTE. At a correlation of -0.67, they often move in opposite directions. AMZD charges 1.09%/yr vs 0.97%/yr for QDTE.

Performance

AMZD vs. QDTE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily AMZN Bear 1X Shares (AMZD) and Roundhill Innovation-100 0DTE Covered Call Strategy ETF (QDTE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AMZD achieves a -8.90% return, which is significantly lower than QDTE's 16.58% return.

AMZD

• 1D: 2.47%
• 1M: 8.70%
• YTD: -8.90%
• 6M: -8.11%
• 1Y: -19.87%
• 3Y*: -22.66%
• 5Y*: —
• 10Y*: —

QDTE

• 1D: -0.16%
• 1M: 8.99%
• YTD: 16.58%
• 6M: 16.20%
• 1Y: 40.36%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

AMZD vs. QDTE - Yearly Performance Comparison

	2026 (YTD)	2025	2024
AMZD Direxion Daily AMZN Bear 1X Shares	-8.90%	-9.84%	-19.47%
QDTE Roundhill Innovation-100 0DTE Covered Call Strategy ETF	16.58%	19.32%	16.07%

Correlation

The correlation between AMZD and QDTE is -0.64, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.64
Correlation (All Time) Calculated using the full available price history since Mar 8, 2024	-0.67

The correlation between AMZD and QDTE has been stable across timeframes, ranging from -0.67 to -0.64 - a consistent structural relationship.

Return for Risk

AMZD vs. QDTE — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

AMZD

AMZD Risk / Return Rank: 3
AMZD Sharpe Ratio Rank: 3
AMZD Sortino Ratio Rank: 4
AMZD Omega Ratio Rank: 3
AMZD Calmar Ratio Rank: 3
AMZD Martin Ratio Rank: 1

QDTE

QDTE Risk / Return Rank: 78
QDTE Sharpe Ratio Rank: 82
QDTE Sortino Ratio Rank: 76
QDTE Omega Ratio Rank: 78
QDTE Calmar Ratio Rank: 77
QDTE Martin Ratio Rank: 80

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

AMZD vs. QDTE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily AMZN Bear 1X Shares (AMZD) and Roundhill Innovation-100 0DTE Covered Call Strategy ETF (QDTE). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	AMZD	QDTE	Difference
Sharpe ratio: Return per unit of total volatility	-0.66	2.74	-3.40
Sortino ratio: Return per unit of downside risk	-0.80	3.49	-4.29
Omega ratio: Gain probability vs. loss probability	0.90	1.47	-0.57
Calmar ratio: Return relative to maximum drawdown	-0.71	3.98	-4.68
Martin ratio: Return relative to average drawdown	-1.54	16.08	-17.62
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AMZD vs. QDTE - Sharpe Ratio Comparison

The current AMZD Sharpe Ratio is -0.66, which is lower than the QDTE Sharpe Ratio of 2.74. The chart below compares the historical Sharpe Ratios of AMZD and QDTE, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	AMZD	QDTE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.66	2.74	-3.40
Sharpe Ratio (All Time) Calculated using the full available price history	-0.59	1.30	-1.89

Drawdowns

AMZD vs. QDTE - Drawdown Comparison

The maximum AMZD drawdown since its inception was -73.05%, which is greater than QDTE's maximum drawdown of -22.86%. Use the drawdown chart below to compare losses from any high point for AMZD and QDTE.

Drawdown Indicators

	AMZD	QDTE	Difference
Max Drawdown Largest peak-to-trough decline	-73.05%	-22.86%	-50.19%
Max Drawdown (1Y) Largest decline over 1 year	-28.27%	-10.20%	-18.07%
Max Drawdown (3Y) Largest decline over 3 years	-59.20%	—	—
Current Drawdown Current decline from peak	-70.36%	-0.16%	-70.20%
Average Drawdown Average peak-to-trough decline	-49.11%	-3.14%	-45.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	13.24%	2.52%	+10.72%

Volatility

AMZD vs. QDTE - Volatility Comparison

Direxion Daily AMZN Bear 1X Shares (AMZD) has a higher volatility of 7.23% compared to Roundhill Innovation-100 0DTE Covered Call Strategy ETF (QDTE) at 3.75%. This indicates that AMZD's price experiences larger fluctuations and is considered to be riskier than QDTE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AMZD	QDTE	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.23%	3.75%	+3.48%
Volatility (6M) Calculated over the trailing 6-month period	20.49%	11.01%	+9.48%
Volatility (1Y) Calculated over the trailing 1-year period	30.15%	14.81%	+15.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	33.41%	18.43%	+14.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	33.41%	18.43%	+14.98%

AMZD vs. QDTE - Expense Ratio Comparison

AMZD has a 1.09% expense ratio, which is higher than QDTE's 0.97% expense ratio.

Dividends

AMZD vs. QDTE - Dividend Comparison

AMZD's dividend yield for the trailing twelve months is around 3.44%, less than QDTE's 42.16% yield.

Position	TTM	2025	2024	2023	2022
AMZD Direxion Daily AMZN Bear 1X Shares	3.44%	3.61%	5.15%	6.83%	2.45%
QDTE Roundhill Innovation-100 0DTE Covered Call Strategy ETF	42.16%	49.49%	32.09%	0.00%	0.00%

Frequently Asked Questions

Can I hold both AMZD and QDTE in my portfolio?

AMZD and QDTE have a correlation of -0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AMZD or QDTE?

AMZD has higher volatility (7.23%) compared to QDTE (3.75%). In terms of maximum drawdown, AMZD dropped -73.05% vs QDTE's -22.86%.

Which ETF is better, AMZD or QDTE?

On 1-year performance, QDTE leads with 40.36% vs -19.87% for AMZD. On fees, QDTE is cheaper at 0.97% per year. On volatility, QDTE has been the lower-risk option at 3.75%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AMZD or QDTE?

Over the 1-year period, QDTE has performed better with a 40.36% return vs -19.87%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AMZD or QDTE?

QDTE is cheaper with a 0.97% expense ratio, compared with 1.09% for AMZD.

Which ETF pays a higher dividend yield, AMZD or QDTE?

QDTE has the higher dividend yield at 42.16%, compared with 3.44% for AMZD.

What is the main difference between AMZD and QDTE?

AMZD is categorized as Inverse Equities, while QDTE is Derivative Income. They also come from different issuers: Direxion and Roundhill. Their fees differ too: 1.09% for AMZD and 0.97% for QDTE.

Which has better risk-adjusted returns?

QDTE currently has the higher Sharpe Ratio (2.74 vs -0.66), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.